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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Sept. 6, 1919)
THE OREGON ? DAILY JOURNAL, PORTL AND, SATURDAY. SEPTEMBER g. 1919. 16 MILITARY N1UST 1' BE KEPT UP TO DATE AND READY Wilson , Declares Only Alternative if United States Rejects the Peace Treaty as It Now Stands HOSTILE RIVAL OF THE WORLD "Night Speech at St. Louis Ar gues for Adoption of League of ; Nations for Security of World. the By J. Jerome Williams . ' ' Coliseum, St. Louis, Mo.. Sept. 6. The greatest ovation of the trip so .ta.r was given President Wilson Fri ''day night In the Coliseum here, when "12,000 persons cheered and applaud ed his appearance for nearly five minutes. The hug-e auditorium In which the president In 1918 was nominated a second lime for the presidency by .the Democratic party was a riot of i patriotic colors and the audience 'rave vent to a mighty roar of wel come. The president was Introduced by.Gov- amor Gardner of Missouri. "Tell it to 'em, Woodrow," shouted lome one, In the gallery. flashlight interrupted ' president as he began to speak. ;t nnc vot IMPORTANT "My fellow.countrymen, he said, when the smoke had cleared away, "this is "too solemn an occasion to care how we - look. We ought to care how we think." The president again dwelt upon the financial situation in the world and Called attention to the recent statement of Herbert Hoover. "An opinion." he added, "which I very 'greatly respect." This tribute to Mr. Hoover was deemed, -significant, inasmuch as Missouri Is the home of Senator Reed, an avowed op popent of the treaty, and the most out spoken critic of Mr. Hoover in the senate. , ... The president said it was impossible . for the United States to play a lone hand financially or otherwise. He pic tured the dire possibility of such a pro gram. , . "That Is what these gentlemen say is playing a lone hand. It is a lone hand. A frozen one, I should . say," he de clared. WAR WAS ''INDUSTRIAL The war. the president said later, was a commercial and industrial war. pot a political war. Then he told what the i.u.j eil nrnulrl have to dO II U (Ljniicu oiavto ..w.-. . chfse to stand alone. xt wmilrl have to stand as pt of vi world in arms," he said. standing army would v.rv man trained as" and ammunition 'A large be necessary, a soldier, guns without number, and diiiiij"1' . Jn place of our present iorm 01 KuvCn. ment, we would have to he modeled on the militaristic pian 01 me . government. "What will you have," asked the .president, "armed isolation or peaceful partnership? Can any sane man hesi tate as to the choice?" The president then declared that he was astounded by the Ignorance of some of the critics of the league coven ant and the treaty. COPT FOR CRITICH I don't believe .they have read it," he said. "If anyone can tell me who hasn't, I will be lad to send them a copy." "Reed, Reed," shouted hundreds in the audience. The president again asked the people to forget politics, but he recalled to them the fact that both the platforms of the Republican and Democratic par-tif-c. provided in 1916 for such an ar rangement as the league. He said ho left Washington, not because he feared the outcome of the fight for the treaty, but because he wanted, to get out of Washington and talk to the American people. "You heard politics down there." said the president, referring to the capital, "until you wish that both parties were smothered in their own gas." The audience was for the president throughout the meeting and when he eald, in sharp and cutting fashion, Tm no quitter," the crowd went wild. The president left St. Louis at 11 o'clock last night. Tonight he speaks at Des Moines. The text of the speech follows : ' My fellow countrymen : We have met upon an occasion which is much too solemn to care how we look. We ought to cara how we think, and I have come here tonight to ask permission to discuss with you some of the very curious aberrations of thinking that have taken place in this country of late ' I have sought I think I have Bougth without prejudice to under stand the point of view of the men who have been opposing the treaty and th covenant of the League of Nations.. Many of them are men whose Judgement and patriotic feeling I have beenac customed to admire and respect. And yet I must admit to you. my fellow countrymen, that it is very hard for me fc believe that they have followed their line of thinking to Its logical and neces- sary conclusion, because when you re -fleet upon their position it is either that , we ought to reject this treaty altogether or that we ought to change it in such a. way as will make it necessary to reopen iegotations with Germany an6 '. reconsider the settlement of the peace In manyi" essential particular's. CANSOt PLAY. LOSE HASH 7 "We cannot do the latter alone, and i other nations will- not Join us in doing ' It ' The ibnly alternative is to reject the peace and to do what some of our fellow : countrymen have been advising us to do ; i Etand alone in the world.- J. "1 want to point out to you that only those who are Ignorant of the world can believe that any nation, even so great a nation as the United states, can stand J alone and play " a single part in the history pf mankind. s " ' "I suppose that most of you realize ' that it is going to be very difficult for Penetv Tinctures, Tablets Powders, Triturations and SPECIFICS 'Manual Mailed FREE WOODARD CLARKE t CO. PORTLAND OREGON the other natkms that were engaged In thia war to' get financially on their feet again. I dare eay you read, the other day the statement of Mr. Herbert Hoover'e opinion, an opinion which I always greatly respect that It will be necessary for the United States Im mediately to advance $4,000,000,000 or $5,000,000,000 for the rehabltation of credit and industry on the other side of the water, and I must say to you that I learned nothing in Paris which would leave me to doubt that conclusion. And I thinlf the statement of the sum is a rr .-onable and conservative abatement. RAVE THE WORLD'a MARKETS "If the world is gog bankrupt: if credit is going to be destroyed, if the in dustry of the races of the world is go ing to be Interrupted, our market Is con fined to the United "Stat and trade will be Impossible except within our own borders. If we re to eave our own markets and rehabilitate our own indus tries, we must save the financial situa tion of the world and rehabilitate the markets of the world. 'Germany can't pay for this war un- less her industries ore revived, and the treaty of peace set3 up a great conjm s sion, known as the reparation commis sion, in which it is intended there should be a member from the United States, as well as frpm other countries, and the business of this commission will be In part to see that the industries of oer mr.ny are revived in order that er many may pay this great debt which" she owes to civilization. That repara tion commission can determine the cur rents of trade, tVie conditions of credit, of international credit : it can determine how much that Germany is. going to buy, where it Is going to buy and how it Is going to pay for it. and if we must, to save ourselves, contribute to the finan cial rehabilitation of the-world, then without being members of this partner ship we must put our money in (he hands of hose whj want to get the markets that belong to ua. AMERICA MUST HEAR BURDEN "That is what these gentlemen call plcylng a lone hand. It is indeed play ing a lone hand ; it is playing a hand the is frozen out. We must contribute tne money which other nations are 10 use in order to rehabilitate; their indus try and credit, and we must make them our antagonists and rivals and not our partners. T put that proposition to any business man, young or old! in the Unit ed States, and ask him how he likes it, and whether he considers that a useful way for the United States to stand alcne. We have got to carry this burden of reconstruction, whether we will or not. or be ruined ; und the question is, hall we carry It and be ruined, any how.? for that is what these gentlemen propose that at every point we shall be embarrassed by the whole financial af fairs of the world being In the hands of other nations. The men who propose these things do not understand tne un nelf'fh Interests of the United States. Because here is the rest of the picture hot rivalries, burning suspicions, jeal ousies, arrangements made everywhere if possible to shut us out, because if we won't come in as equals we ought to be. shut out. HAVE TRUST OF WORLD "As it stands now, ,eveiy nation trusts us. They look to us. They long that we shall undertake anything for their assistance rather than that any other ntinn should undertake it. And if wr sav we are in this world to live by ourselves, and get what we can out of It bv. anv selfish process, then the re action will change the whole heart and- attitude of the world towards this great, free, justice-loving people, and after you have changed the attitude of the world, what have you produced peace? Why, fellow citizens, is there any man here or any woman, ici mo say, is there any child here, who does not know that the seed of war in tne modern world Is industrial and com mercial rivalry? Ladies and gentlemen, I dont say It because I am an American, and my heart is full of the same pride that fills yours, with regard to the power and the spirit of this great nation, but merely because It is a fact which I think everybody would admit outside of America, as well as inside of America. the organization contemplated by tne I,eague of Nations, without the United States, would merely be an alliance ana not a league of nations. It would be an alliance in which the partnership would be between the more powerful European nations and Japan, and the other party to the world arrangement, the antagon ists, the disassociative party, the party to be standing off and to be watched bvTthe alliance, would be the United States of America. SOT A POLITICAL WAR There can be no league of nations In the true sense without the partner ship, of this great people. 'This war was a commercial and in dustrial war. It was nt a political war. Very well, then if we 'must do something else, we fnust be physically ready for anything to come. We must have a great standing army. We must I see to it that every man in America is trained to arms. We must see to it that there are munitions and guns enough for an army. That means a mobilized nation. They are not only laid up in Btore, but they are kept up to date so that they are ready to use tomorrow. And what does that mean? Reduction of taxes? No. Nat only the cfratimttttlon of the present taxes, but the increase of the present taxes. It means something very mtich more t-erlo'w than that. We can stand that so far as the expense is concerned, if we care to keep up the high cost of living and enjoy the other luxuries that we have recently enjoyed. But, what is more serious, we have got to have the sort of organization which is the only kind of organization "that can handle armies of that sort. "We may ay what we please to' the German government that has been destroyed, my fellow citizens, but it was the only sort of, government that could handle an armed nation. You can't handle an armed nation by vote. You cant handle an armed nation if it Is democratic be cause democracies don't go to war that way. You have got to have concen trated militaristic organization of gov ernment to run a nation of that sort. VJGILAXT 0UARD NECESSARY ' "And you can't watch other nations with your unassisted eye. You have got. to watch them by' secret agencies planted everywhere. And let. me testify to this, my fellow citizens. I not onjy did not know it until we got Into this war, but I did not believe it when I was told that it was true. Germany was not the only country that main tained a secret service. Every country hi Europe maintained it because they had to be ready for Germany's spring upon them and the only difference be tween the German secret service and the other - secret service was that the German secret Bervice found out more than the others did. "Under the league plan the financial leadership will be ours; the industrial supremacy will be ours ; the commercial advantage will . be ours, an& the other countries of the world will took to us, and. Shall I say. are looking to us, for leadership and direction. "Very well, then, if I am to compete with the critics of thia league, and of this treaty, as a selfish American, I say I want to get in and get in as quick, as I can. WA5TS TO HELP RCf IT "I want to be inside and to know how the thing is run and help to run it, so that you have the alternative AVraed Isolation or peaceful partnership.' ; "Can any sane man hesitate aa to the choice, and can any sane man aak a question. whfth la the way of peace? "I have heJrd some men say with aa amazing ignorance that the covenant of the League of Nations was an ar rangement for war. Very welL ..The other arrangement, what would It" be? An arrangement for peace, for kindli- Lness, for cooperation? would every body beckon us to their markets? "I cannot bring my credulity up to that point. I have reached years of discretion. And I have met some very young men who know a great deal more than some very old men. "And what is the meaning? It is that the covenant of the League of Nations Is a covenant of arbitration and dis cussion. "Ha3 anybody ever told you that be fore ? I dare say that everybody you have heard about this discusses article 10.. Well, there are 25 other articles In it, and all of them are about something else. "They discuss how soon and how quick we can get out of it. Well, I am not a quitter, for one. We can get out just as soon as we want to, but we don't want to get out Just as soon as we get in. THE ESSENTIAL MATTER And then they talk about the Monroe doctrine, when it expressly says that nothing In that instrument shall be construed as affecting In any way the validity of the Monroe doctrine. It says so In so many words. And all the other things they talk about draw your at tention from the essential matter. ESSENTIAL MATTER 'The essential matter is this: All members of that league and it will include all the fighting nations of the world except Germany promise that they will never go to war without first submitting the questions at issue to arbitration and absolutely abiding by the decision of the arbitration, or. If they are not willing to submit it to arbitration, submit it to discussion by the capital council of the league ; that they will give the council of the league six months in which to consider it, and that ff they do npt like the opinion of the council, they will wait .three months after the opinion is rendered before going to war. This afternoon a' book I had for gotten all about, one of the campaign books of the last political campaign, was put into my hands, and I found in that book the platforms of the two parties, and in both those platforms they advocated just such an arrange ment as the League of Nations. When I was on the other side of the water I did not know that I was taking obey ing orders from both, parties. But I was. HAS 50 DOUBT IJf MIND SORENSON'ACQUITTED BY JURY'S VERDICT IN SUIT FOR DAMAGES 4 Wealthy Timberman Charged With Responsibility for Death of Mrs. Smith Is-Cleared. "Now, I want you to understand, my fellow citizens, that I didn't leave Washington and -come out on this trip because I doubted what was going to happen. I didn't. For one thing. I wanted to have the pleasure of leaving Washington and for another 'thing I wanted to have the very much greater pleasure of fueling the inspiration that I would get from you. Things get very lonely in Washington sometimes. The real voice of the great people of Amer ica sometimes sounds faint and dis tant. In that strange city you hear politics until you wish that both par ties were smothered in their own gas. "This nation went to war to see it through to the end and the end has not come yet. This is the begini :ng, not of the war, but of the processes which are going to render -war like this im possible. There are no other processes than these that are proposed in this great treaty. It is a great treaty. It is a treaty of justice. "We are in the presence, therefore. of the most solemn choice that tnis people was ever called upon to make. That choice Is nothing less than this: Shall America redeem her pledges to the world? America is made up of the peoples of the world and she has said to mankind at her birth : We have come to redeem the world by giving it liberty and justice. Now we are called upon before the tribunal of mankind to redeem that immortal pledge." A verdict for the defendant was re-' turned by a Jury this hoon In Circuit Judge Gatenbein's court in the case of Ray . Schermerhorn, administrator fot the estate of Mma Smith, against N. P. Sorfenson, wealthy timberman, charged with having crushed Mrs. Smith to death under the wheels of his auto mobile at Ninth and Oak streets on November 26 last. Damages to the ex tent of J 7500 had been asked in the complaint, In his Instructions to the jury Judge Gatenbein said that they must deter mine first whether Sorenaon had been Intoxicated at the time the accident happened or whether he had been guilty of reckless or careless driving. He said If they determined- this was the case they must ascertain from the evidence whether Mrs. Smith had been guilty of contributory negligence. II this proved to be so, then notwithstand ing Sorenson's condition or the manner of his driving they must bring in a ver dict in his favor. DEFENSE DENIES CHARGE Sorenson's defense, consisted of a 'de- nial that his machine was the one that caused Mrs. Smith's death or that he drove it on the street on which she was killed on the day the accident hap pened. His special plea was that ir respective of who killed Mrs. Sixjlth, she naa been guilty or contnouiory uegu gence In crossing the street without taking precaution to look for approach ing machines, and that for this reason he should not be held liable. Attorneys John Collier and Henry Col lier announced that they would appeal from the verdict of the jury to the su preme court. They stated that in ad dition to errors in the record they would ask for a new trial because of the re fusal of Judge Gatenbein to render tht instructions they asked to the jury. MACHINE ESCAPED Jit the time Mrs. Smith was killed the machine causing her death escaped before witnesses to the accident could secure its number or the name of the driver. The following day Sorenson's car was noticed parked at Third and Pine streets with a broken front lamp and a package resting between the fender and the hood. Investigation proved that the package belonged to the woman who had been killed on the pre vious day. Sorenson was indicted on. a. charge of manslaughter and later acquitted in the circuit court. ' The present action was brought in behalf of the three children of the dead woman, who were left without support. Five Companies - - File Incorporation Articles on Friday Salem. Sept. 6. The. Northern Flour Mill -company of Portland, capitalized at $500,000. filed articles of incorpora tion with Corporation Commissioner Schulderman here Friday. The com pany will engage in a general milling business. A. Cohn, L C. San ford and Leev Beyer are the incorporators. Other companies filing articles TTr Id ay- were : Baker Packing company. Baker, $20.- 000; J. A. Russell. William Couzens. E. W. Cox, H. U Mohr and K W. RuteelL Lebanon Plumbing & Heating com- pany, Lebanon ; $zuou ; Aiiaa m. J-a- duron. John B. Endert and Margaret Endert. The Albatross Metal Furniture com pany of Portland inea a ceriuicaie showing an Increase in capital -stock from $25,000 to $100,000. The Nehalem Railroad company. Portland, and the Franklin Realty company, fortiana, iuea resolutions oi dissolution. Finance. Industry and Enterprise Ksltea'ky Joe B. Joraa SLIGHT DOWNWARD WIOVEWIENT NIARKS HOLDINGS WAR OF PAPER ON INCREASE RESERVE BANKS TENDENCY OF DAY Erratic Advances and Declines in Certain Specialties and Heavy Profit Taking Unsettle Market GOMPERS CABLES WILSON Asks President to Use Influence Toward Having Steel Magnates Ctmf er With Labor U nion Heads with buying orders which quickly found reflection in improved prices. Oil stocks again came in for much attention from the speculative public Mexican Petroleum at one time showed an advance of six points but subse quently lost all with one point addi tional. Trans-continental oil was again In favor and at one time showed a gain of more than three points. Kelly Springfield and other tire sharesn were Inclined to be heavy. STOCK MARKET TOPICS ' Lrve aa irp.to-the-m!Bte itnanrlal uewi It a featarVof Th Journal. This paper aerepU no oil, stock or mining ad vertising of a pnrelj speculative nature. House passes senate bill permitting national banks to Invest up to 5 per cent of their capital and surplus In corpor ations engaged In international finan cial operations. MONEY MARKET ON . ILL STREET FIRM Leading Banker Expects Next Two Months Will See Very Steady Conditions on Market. That Wall street will have a firmer : money market during the monthtJ of September and October Is the belief pf leading bankers und students of monfftrrry conditions, according to the Wall Street Journal. In the opinion of one banker, we are now on the eve of extensive de mands for credit. In -commenting on the general money market he Preliminary report of department ofl says: commerce shows United States Imported from' Germany during seven months ended with July $933,923 worth of mer chandise against $15,624 for 1918. while exports were. $11,270,624 against nothing in 1918. R. G. Dun & Co. report 46S failures in United States during Aueust. best Larger Addition to Deposits Shown by Report, With Also Fall in Gold Reserve. SUITOR, INCENSED AT PUBLIC ANNOUNCEMENT, REPUDIATES PLEDGES Now Miss Sharpe Asks Courts to Compel Payment of $25,000 From Ralph Hahn. Aggregate increases of $46,200,000 In the holdings of war paper accompanied by slightly larger additions to reserve deposits are Indicated in the federal re serve board's weekly bank statement Issued as at close of business onAugust 29. 1919. The statement also shQws an increase of $27,100, 0OQ In federal reserve note circulation and a further decrease of $7,500,000 in gold reserves. As against the considerable rise in the amount of war paper on hand, th4 bank's holdings of other discounts fell off $5,400,000. while their acceptance holdings underwent but little change. Treasury certificates on the other hand show an increase for the week of $5. 600,000. Holdings of war paper by the Chicago, St. Louis and Minneapolis banks include $53,700,000 of paper dis counted for other federal .reserve banks, as against $69,000,000 the week before, while acceptance holdings of the Cleve land. Kansas City and San Francisco banks are inclusive of $39,400,000 (as against $41,400,000) purchased from other federal reserve banks. Government deposits show a decline for the week of $48,800,000. reserve deposits an increase of $50,100,000, while the "float" carried by the reserve fcanks declined $1X400,000. Net deposits work out about $8,700,000 in excess of the pre vious week's total. Total cash reserves fell off $6,700,000. The bank's reserve ratio, because of the reduction in re serves and the increase In both deposit and note liabilities, shows a decline from 53.3" to 50.7 per cent. The fiscal year ended June 30, 1919, was the most prosperous in the history of the American Locomotive company. With gross earnings of $108,923,524 the annual report out today shows a sur plus after all charges of $12,012,567 com pared with $3,911,137 the year proceed ing. After payment of dividends on the preferred there was a surplus of $10. 262.567. equivalent to slightly more than $41 a share compared with $16.64 in the 1918 fiscal period. Chapter Confers Degrees Washington chapter. Royal Arch Ma sons, this afternoon and - evening, con ferred degrees with J. H. Richmond, grand high priest of the grand chapter, presiding. Dinner was to be served at 6 :30,' and a large attendance at both ses sions is expected. The Saxon Motor Car corporation yes terday announced another payment of 30 per cent on the claims represented bv the controlling bankers' committee. This reduces to about $1,680,000 the total of the bid litigations which - originally amounted to between $3,600,000 and $3,700,000. By Broadan Vall New York, Sept. 6. Stocks dis played a reactionary tendency today, due to some unsettlement resulting .ti advances and declines irtain snecialtles and heavy profit "f of any preceding month except ' - , . n,ytaot oui, 01Ill.c Jauttry. taking whicn appeareu at .... of business. The selling was accel- j erated by publication of a telegram sent by Samuel Gompers to Presi dent Wilson, asking that the latter try to induce the steel corporation to confer with the steel workers. At the opening price changes showed irregularity but with most Issues show ing gains ranging from a fraction to two points. Expectations that there would probably be erratic fluctuations in some issues were first confirmed in rmrihle steel which before the end of the first hour of the session showed a loss of about "10 point-"'-QUOTATIONS EASE OFF Realizing sales began to be reflected in a general easing off in quotations but encountered buying orders which had been placed under the arkeVIh .w that MeeDt In a few special ties the' general list did not begin to show much heaviness until a second wave of selling appeared early in the last hour of the session. The down ward movement, however, was again ar rested by purchases which continued up . unn and left final to tne ciorc i i -nintB above.! ''"""''. 8turdmy f t12 6S2 91 quotations from one to two points aoove.! h,,, s.turday ..... 2M'.350.24 the low or tne any. - j A feature of the late rally in the gen-, n,arine eral market was the- urgent buying of ) BtUucm California Petroleum common. inside of about 20 minutes, rose points and ended the session withm one-eighth of the best and at a net auvance for tne any ui -j r PACIFIC COAST BANK STATES! E JIT Portland Bank l !rnnr This Wttk. Tr Ago. Holiday Monday Tuday VrdnrsiajF Thursday 1 irtd v . . Saturday Week . 7. 1.'!)!, 923 4 .Vnni.9Vl.03 6.521. 271. OS T .2 ' ! 1' 4 1 a 8.414.543.29 .$32,135,042.30 Tacoma Bank S 0.0.V2f)2.PB 4.A93.H41 52 6.372.459.03 4, am Mil nr. 4.265,141.03 $26,088,125 09 Round-Up Crowds To Have Gay Time At Happy Canyon Pendleton, Sept. 6. Happy Canyon, the little sister of the Pendleton Round up, is being put in shape for its part in the big show. September 18-20. Hap py Canyon is the evening show. It is here that the "wild west" as it used to be is ecalled. Roulette, faro, poker and all the other old games are played in the open, with a special brand of money known as "Happy Canyon bucks." Gamblers with six-shooters on their hips will run the games, and 'cow punchers" "bad men from the range" will mingle with the crowd and agitate the "tenderfoot" with blank cartridges. Rehearsals of the Indians for the part they take in the Happy Canyon show are being held under the leader ship of Glenn Bushee, known as "Lone Pine" in his Indian costume. When dressed as an Indian he out-Indians any aborigine from the reservation. The most simple way to attend the Round-Up is offered in The Journal Round-Up special, which leaves Union station, Portland, Thursday evening, September 18, returping from Pendleton Sunday, September 21. Reservations may be made at The Journal Travel and Information bureau, Dorsey B. Smith, manager, first floor. The Jour nal building. Transportation, meals and berths during thi entire trip and grand-, stand seats at the Round-Up are in cluded,, at a cost of $37.50 per lierson. TRAVELERS' CHEQUES Asserting that he refused to marry her after their engagement was public ly announced in a local newspaper. June 10, Nellie M. Sharpe today filed a $25,000 breach of promise suit against Ralph Hahn, vice-president and general man ager of the Sterling Food Products company. Miss Sharpe in her suit says she ar rived in Portland from Chicago in the spring and became Hahn's private sec retary at the factory. He made love avowals not long after, and finally asked her. to marry him. So peeved did Hahn become at the newspaper story of his coming marriage that he ob tained a retraction, but continued to keep company with his secretary, she alleges. Recently he changed his mind again and said he wouldn't marry her. Then she brought suit through her attorney. W. T. Hume. S. A H. Green Stamps ror cash. Hol man Fuel Co.. Main 852. A-3353. Block wood, Bhort slabwood. Rock Sprplngs and Utah coal, sawdust. Adv. .it ... Mninr r-nntinued to be a fa- IJIttiiuici ... . voHte with persons willing to buy "Richmen's stocks" as such high priced issues are known. , GARY DENIES HUMOR tnoartions of a little more than 1000 shares the issue closed with net. trains of five and one-half points. j The rumor factory wa. also operat ing at a capacity on the New ork stock exchange where a report was. turned out that K. H. Gary, chairman of the United States Steel corporation had said he would have to recognize u.r unions. Answering this question Judge Gary said : . "The rumor is utterly without foun dation." This was the signal for the shorts and the longs to reenter the market pokan Banki Saturday $ 2,362.215.00 674,900.00 Seaatla Bunka Clearings Saturday J 8.821 .7fl. On Balance Saturday 1.3S5.273.00 Ban Francltco Banks Clearing Saturday $22,549,401.24 Lot AnaXca Bank Clearincs Saturday $ 8,628.549.00 "There will be a marked flow of money to the interior neginniiTg next week and all Indications point to higher rates. The requirements for moving this year's huge crops will be enormous. Irrespective of the fact that ti.e recent liquidation in the stock market has re sulted in considerable contraction in the Wall streeif loan account, the amount of brokers' borrowings is still above normal, apd if the credit demands con tinue in the security market during thrf next few months, there will be periods -when money rates, will soar to much higher levels. "Of course, the prexent labor trou bles and talk of strikes may result in further liquidations, and this in turn will release credit for other purposes. But unless Wall street is hampered by disturbing influences this fall and the market continues to absorb credit on a large scale, high money is Inevitable. "Within the past few months fnter- lor banks have been lending between $400,000,000 and $:00.000.000 in the Wall street money market. Some of this has been withdrawnV but the interior loans still outstanding ure large. "It must not' be lost sight of that when this money begins to move back to the West, the " burden falls on loc;vl institutions This, of itself, will create firmer rates. "Perhaps the present time mrttiejr market Illustrates that easier money Is not expected to prevail. Borrowers are now bidding 6 per cent for loans of all dates from -60 days to six months, but lenders are showing no disposition now to accommodate these seekers of funds." 1 m Evening Slar In Session Evening Star grange Is In sesion this afternoon at Seventy-eighth and Divi sion streets. A-w Address on "Practical American Ideal' by Hamiltoi John stone, and speeches by W. C. Anderson, county school superintendent, and Rev. C. E. Cline. will be gtverf. Lutk-h was served eQPioon. LIBERTY BOND SALES Ubtrty bond clol (n the New Tm-k market at following pricea 8 Via 1st 4 2d a lt 4 H '2d 4 '.4 a 3d 4 4 a 4th 4 TnesdaT 10.94 04 40 92. SO 94.60 M2.S8 B4.00 Its Jill Wednesday.... M9.94. 114 54 !) HO (14 IS 'I 92. HO 114 02 93 32 Thnraday . . . . . 99. 94 (50, 92.7S 04 60 92.90 04.90 93.2S r'ridajr OO.Ott 04.64 92.84 94. fid 93.00 94 U4 03 2 Saturday 99.40 94.54 92.72 94.82 92.90 ' 04. 9S 93 24 . .. .... . . - i Victory-. 3 4 a Itfl.ftO !t!l.ft9 1)9. fit) 99.94 i.r0 99.64 .r.O 911.50 90.30 00.52 Liberty Temple lo Remain Liberty temple will remain where it is on Sixth street between Morrison and Yamhill for at least 30 days aa a result of the action of the.' city council at a special meeting this morning. It was determined that the temple can only be moved to the park blocks, where a site has been selected for it, by cutting the structure into three pieces. TSe-cost of the job is estimated by the city) at $2300. J We effer subject to iprlor ale 1 Municipal Bonds Bond. Tleld. San Francisco. Cal.. Water Works JV4 $ 0 Sonoma. Cal.. Highway ' ?" Bingham County. Idaho, Road and Bridge Boise. Idaho. Park LI Pierce County, Wash.. Army Post ' Franklin County, Idaho, Road 3" Fremont County, Idaho. Road and Bridge 5V4 Tehama County. Cal ' 4 8d Corporation Securities T,os Angeles Gas & Elec. Corp.. 1st and ref j $3.34 Santa Barbara Gas & Elec. Co.. 1st 5 ' Del Monte Properties Co.. 1st Mortgage 6 6.0J Huntington Land & Improvement Co.. Coll. Tr j.'.i Southern Cal. Edison Co.. Gen. Mort 5.67 Southern Cal. Edison Co., Gen. and Ref 6 5.9b Southern Cal. Edison Co.. Debenture 7 rh 6.12 Northern Electric Co.. 1st 6 6.0-. Liberty Farms Co.. 1st Mortgage S 6,00 Southern Counties Gas Co., 1st.. 6.35 Great Western Power Co.. 1st Mort 5 6.12 Louisville Gas & Elec. Co.. 1st and Kef 7 r' 6.43 Northern New York Utilities. Inc.. C. T 6 6.00 Detailed Information regarding above Securities furnished upon rrauest E. H. Rollins & Sons 411-413 I . S. Bank Bldg. , Portland, Or. The Bank of California National Association Founded in 1 864 HEAD OFFICE . SAN FRAN'CISCO Branches at PORTLAND, TACOMA ancf SEATTLE ' Conduct aa General Banking Business r Wc Cary Checking: and paving's Accounts. Buy and Sell Foreign and Domestic Drafts and Cable Transfers, Issue Commercial and Travelers' Letters of Credit and Travelers' Checks for use throughout the World. Interest on Time and Savings Deposits. ay Capital, Surplus and Undivided Profit, $17,000,000 Portland-Branch v Third and Stark Streets W. A. MACRAE, J. T. BURTCHAELL. Manager. Ass't. Manager. TTrrnTT MjilitilOl'f and by Convenience, security economy are secured the use of Travelers' Cheques issued by this bank. They enable the bearer to identify himself and are readily converted into the current coin of any country. THE CANADIAN BANK OF COMMERCE PORTLAND BRANCH Fourth and Stark Street OPEN SATURDAY EVENINGS 6 TO 8 O'CLOCK Y 'OU should make application now for a War Souvenir Savings Bank made from a real Hand Grenade like those used by the American boys in France. Every true American boy and girl ' should have one of these Grenade Savings Banks. No stronger influence for patriotism and thrift could be placed in your home. Applications for banks for small chil dren may be made by the Father or Mother, j , . HIBERNIA savings bane Savings Commercial Trust FOURTH AND WASHINGTON STREETS Open Saturday Evening 6:00 to 8:00 There's Safety in Saving IhfATEVER your income you should, put aside a regular por-, tion each week as a fund for the future. Then the future can have no terrors for you. Start an account today oijtr Savings Department. ' - Bank Your Pay Check with the STATE BANK FIFTH AND STARK STS. Efcalar for Yosr Aecommodatloa Kraal! Areoaatt Welcomed aad Appreciated 7 I I -'